Originally Posted by 3050rpm
For certain check out the link provided above. 160,000 miles these days on a well maintained car can be more of a footnote than an impediment, and the M50 engine is very durable. "Well maintained" means regular oil changes, coolant system flush, brake line flush, differential and transmission fluid changes, air filter/microfilter changes, sparkplugs, the usual suspects...
Particular issues though, and see if you can get documentation on these: water pump replacement, perhaps even radiator replacement; ball joints/lower control arms; rear shock mounts; suspension bushings (more along normal wear rather than a weak spot); the a/c unit needing a resoldering at a cost of 43 cents rather than replacement of the entire control unit at >$300; wheel wells, rocker panels, and underbody for rust. While up on a lift, check for any leaks, condition of brake and fuel lines (especially connection at fuel tank), and seepage from power steering lines and reservoir.
The automatic transmission I'm less knowledgeable about,although I've heard that somewhere in the 140,000 mile they can start to act up, going into "limp home" mode, the reasons ranging from the comparatively simple (dirty contacts, solenoid needing replacement) to more involved stuff like seals and what-not.
Again, check that link, and get as much service history on the car as you can. The more she can demonstrate it, the more she can stick to her price; the less she can, well, ya know...